US crude oil supplies grow by million barrels

NEW YORK (AP) -- The nation's crude oil supplies rose last week, the government said Wednesday.

Crude inventories increased by 1.3 million barrels, or 0.4 percent, to 359.9 million barrels, which is 8 percent above year-ago levels, the Energy Department's Energy Information Administration said in its weekly report.

Analysts expected an increase of 1.5 million barrels for the week ended Jan. 4, according to Platts, the energy information arm of McGraw-Hill Cos.

Supplies at the important Cushing, Okla., hub for domestic crude continued to rise to record highs more than 72 percent above year-ago levels.

Imports were up and domestic oil production topped 7 million barrels a day. It hasn't been that high since the 1990s.